NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

price at which the property has been sold by the Appellant, the valuation under section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

price at which the property has been sold by the Appellant, the valuation under section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without

NAGESHWARA CHARITABLE TRUST,NAGPUR vs. CIT EXEMPTION PUNE, PUNE

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.371/Nag/2023 िनधा"रण वष" / Assessment Year : N.A. Nageshwara Charitable The Commissioner Of Trust, V Income Tax, Exemption, 101, Laxmi Vilas Apartment, S Pune. Khare Town, Rangole Marg, Dharampeth, Nagpur, Maharashtra – 440010. Pan: Aaatn2648F Appellant / Assessee Respondent / Revenue Assessee By Shri Kapil Hirani – Ar Revenue By Shri Kailash C.Kanojiya – Cit(Dr) Date Of Hearing 18/03/2024 Date Of Pronouncement 19/03/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is Assessee’S Appeal Against The Order Of Ld.Commissioner Of Income Tax(Exemption), Pune Under Section 80G Of The Act, Dated 03.11.2022. The Ld.Cit(E) Dismissed The Application Of The Assessee On The Ground That Nageshwara Charitable Trust [A]

transfer or application at any time of the whole or any part of the income or assets of the institution or fund for any purpose other than a charitable purpose; (iii) the institution or fund is not expressed to be for the benefit of any particular religious community or caste; (iv) the institution or fund maintains regular accounts

SUSHILA BHAURAO DESHMUKH,AMRAVATI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

house under construction with built–up area of 158.55 sq.mtrs. on the piece of plot measuring 19,200 sq.mtrs. in survey no.11/1, Mauja Navsari, District Amravati. The land is consistently used for agricultural purpose. It is beyond the scope of wildest imagination that usage of land is ambulatory even when character of land is agricultural. We are fortified

SHABBIR AHMED AHMED ALI,NAGPUR vs. NATIONAL E ASSESMENT CENTRY, DELHI

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

transfer of residential property. 4. Facts in Brief:– In the present case, the assessee is an individual who filed his return of income for the year under consideration electronically on 30/08/2018, declaring total income at ` 17,040, and the said return of income was processed under section 143(1) of the Income Tax Act, 1961 ("the Act") on 18/12/2016, determining

GEETADEVI BADRINARAYAN PANPALIYA,NAGPUR vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-1, NAGPUR

In the result, assessee’s appeal stands partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

house and renovation was made to make it habitable which is supported by evidence. (3) That for any other ground with kind permission of your honour at the time of hearing of appeal.” 3. During the course of hearing, the learned Authorised Representative appearing for the assessee submitted that he did not wish to press ground no.1. The learned Departmental

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

house property, income from business and income from other sources. The assessee has also shown income from exempt capital gains from transfer of equity shares. 7 Shri Nandkumar Khatumal Harchandani ITA no.410/Nag./2019 A.Y. 2014–15 The assessee has purchased 422500 shares of Swift IT Infrastructure and Services Ltd. by cheque on 16/03/2012 during the previous year relevant to Asstt

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

house property, income from business and income from other sources. The assessee has also shown income from exempt capital gains from transfer of equity shares.\nThe assessee has purchased 422500 shares of Swift IT Infrastructure and Services Ltd. by cheque on 16/03/2012 during the previous year relevant to Asstt. Year 2013-2014 and the same were shown in the balance

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, NAGPUR vs. M/S RAGHAV FINVEST PVT LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Property Investments Pvt. Ltd. Vs. ITO, ITAT Bangalore dated February 9, 2018 published on March 3, 2018 on ITAT online. 3. On the facts and circumstances of the case and in law, the learned CIT(Appeals) erred in holding that share capital and premium received are on capital account and therefore cannot be treated as income without appreciating the fact

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. VISHNU GILTS PVT.LT, NAGPUR

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Property Investments Pvt. Ltd. Vs. ITO, ITAT Bangalore dated February 9, 2018 published on March 3, 2018 on ITAT online. 3. On the facts and circumstances of the case and in law, the learned CIT(Appeals) erred in holding that share capital and premium received are on capital account and therefore cannot be treated as income without appreciating the fact

DY COMMISSIONER OF INCOME TAX , CIRCLE-1, NAGPUR vs. M/S NIHAL GITS PVT.LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Property Investments Pvt. Ltd. Vs. ITO, ITAT Bangalore dated February 9, 2018 published on March 3, 2018 on ITAT online. 3. On the facts and circumstances of the case and in law, the learned CIT(Appeals) erred in holding that share capital and premium received are on capital account and therefore cannot be treated as income without appreciating the fact

SMT. VEENA MAHESHWARI ,NAGPUR vs. DY.C.I.T,CIRCLE-1,NAGPUR , NAGPUR

Appeal is allowed in above terms

Bench: Shri S.S.Godara & Shri Dr.Dipak P. Ripoteआयकर अपीलसं. / Ita No.323/Nag/2017 िनधा"रणवष" / Assessment Year : 2006-07 Smt.Veena Maheshwari, The Dy.Cit, Circle-1, 2Nd Floor, 52/2, Kinkhede Lay Vs. Nagpur. Out, Temple Road, Nagpur – 440001. Pan: Abxpm 3150 B Appellant/ Assessee Respondent /Revenue Assessee By None. Revenue By Shri G.J.Ninawe – Dr Date Of Hearing 16/11/2022 Date Of Pronouncement 10/01/2023 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2006-07 Is Directed Against The Commissioner Of Income Tax(Appeal)-1, Nagpur’S Dated 11.05.2017 In Case No.Cit(A)-1/148/2014-15, In Proceedings U/S.143(3) R.W.S 147 Of The Income Tax Act, 1961 [In Short “The Act”].

price whichever is lower; & that they have not been acquired out of any borrowed funds. These may be relevant factors in determining as to whether the profit made out of these sale transactions are Capital Gains or business income. At the same time, one cannot overlook the fact that the appellant has acquired majority of these shares, 16786 shares

PRITAM SINGH CHARAN SINGH GUJJAR,NAGPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4,, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

Housing Society, Gittikhadan, Nagpur, for a sale consideration of ` 37,00,000. The market value of the property was shown at ` 40,22,000, for stamp duty purposes. The Assessing Officer adopted the stamp duty valuation for computing profit and gains arising on sale of property by the assessee. The Assessing officer has not brought any evidence on record

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR vs. DEEPAK SURESH GADGE, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri K.M. Roy, Hon’Ble Accountant, Member

price at similar rate cannot be disputed for in between years. Hence addition made in the case of appellant is incorrect.” ITA No.99 & 100/NAG/2023 Deepak Suresh Gadge 10. Ld.AR further relied upon the following documents to prove his contentions : - i. Audited Financial Statement as on 31/03/2017 in the case of assessee. ii. Ledger Account of Shares of OCHFL (Primary Allotment

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR vs. DEEPAK SURESH GADGE, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri K.M. Roy, Hon’Ble Accountant, Member

price at similar rate cannot be disputed for in between years. Hence addition made in the case of appellant is incorrect.” ITA No.99 & 100/NAG/2023 Deepak Suresh Gadge 10. Ld.AR further relied upon the following documents to prove his contentions : - i. Audited Financial Statement as on 31/03/2017 in the case of assessee. ii. Ledger Account of Shares of OCHFL (Primary Allotment

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

price. The difference within tolerance band of 10% and the application of such band will relate from 01/04/2014. The case of the assessee is covered by the order dated 02/07/2021, passed by the Co– ordinate Bench rendered in Stalwart Impex Pvt. Ltd. v/s ITO, ITA no.5752/ Mum./2019, for the assessment year 2016–17. The relevant part of the order

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

price. The difference within tolerance band of 10% and the application of such band will relate from 01/04/2014. The case of the assessee is covered by the order dated 02/07/2021, passed by the Co– ordinate Bench rendered in Stalwart Impex Pvt. Ltd. v/s ITO, ITA no.5752/ Mum./2019, for the assessment year 2016–17. The relevant part of the order

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

House, 425 Mumbai-04). On 6-5-10 the assessee issued che.No.265949 amounting to Rs.20 lakhs being cheque to Daksh Diamonds towards refund of loans. Further, on 22-6- 10 the assessee issued che.No.263943 amounting to Rs.30 lakhs being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation